Independent Living is a long-term care insurance that guarantees a monthly benefit in case of loss of independence.

Issue Ages - (Age nearest)
 

• 18 to 80 
   

Sum Insured
 

• Min: $1,000 per month
• Max: $8,500 per month (for all policies with the same insured)
   

Benefit amount may be increased in increments of $100

Benefit Duration

Benefit payable for a maximum duration of:
 

• 2 years
• 5 years
• Lifetime
   

(subject to the waiting period selected)

Rate Bands
 

• None
   

Premiums
 

• Level premium payable for life, but not guaranteed
   

Guaranteed premium
 

• Premium payment does not change for the first 5 years of the policy. Thereafter, the premium payment is subject to change.
   

Number of Insureds per Policy
 

• There is only one insured person per policy contract
   

Waiting Period

Benefit payable after a waiting period of:
 

• 30 days
• 90 days
• 180 days
   

Paid-up insurance
 

• Free of charge
• Paid-up insurance for a reduced duration if the policy has been in-force for 10 years or more
• The designated monthly benefit amount is paid; however, it terminates once the total amount paid reaches the total premium collected for the long term care benefit
   

Spousal Reduction
 

• Total premium is reduced by 10% when both spouses purchase an individual long-term care policy at the same time (permanent discount after first year premiums have been paid on each benefit).
• This discount is not available for relationships other than spousal.
   

Surrender Charges
 

• None
   

Accelerated Health Care
 

• N/A
   

Life Insured Options
 

• Individual
   

Conversion Privilege
 

• None
   

Optional Benefits

Option to increase amount of long-term care benefit (cost of living adjustment):
 

• Every 3 years, until the insured attains age 80, the option to increase the benefit amount without evidence of insurability is available.
• This increase is subject to the minimum between the increase in CPI index for the previous 3 years or 15%.
• Maximum sum insured with this option is $10,000
   

Return of premiums at death (option)
 

• At the time of death, the total of all long-term care modal premiums paid, less any benefit already received, is paid to the insured's designated beneficiary.
• Issue ages: 18 to 55 (age nearest birthday)
   

Loss of Independence Definition
 

• Benefit payable while dependent.
• Definition: When the insured needs the help of another person to accomplish at least 2 of the following common activities of daily living (ADLs):

1. bathing
2. dressing
3. eating
4. toileting
5. continence
6. transfering
    

     OR
 

• Suffering from a cognitive impairment, the insured needs on-going supervision from another person to avoid hazard for his security and other's security.
   

Competitive Advantage
 

• Income-type long-term care coverage: the insured receives a monthly benefit he/she can use at his/her discretion.
• No receipt is required: we do not ask for any proof of expenses incurred because of his/her state of health.
   

Policy Fee
 

• $150 per insured
• No fees for additional amounts purchased each 3 years with the option to increase amount of long-term care benefit.